On results of inspection of financial standing of PJSC IntechBank held by provisional administration

The provisional administration of PJSC IntechBank, appointed by Bank of Russia Order No. OD-548, dated 3 March 2017, due to the revocation of its banking licence, revealed operations which bear signs of transactions aimed at diverting assets through lending to borrowers with dubious creditworthiness and not engaged in real business activity, as well as through transfer of claims on loans to legal entities.

The provisional administration also revealed operations to replace the bank’s assets (corporate loans and their equivalents, investments in investment-grade securities, corporate receivables) with claims to companies not engaged in real business activity, overestimated real property and other non-liquid assets.

According to the estimate by the provisional administration, the assets of PJSC IntechBank do not exceed 10.9 billion rubles, whereas the bank’s liabilities to its creditors amount to 25.7 billion rubles.

On 12 April 2017, the Arbitration Court of the Republic of Tatarstan recognised PJSC IntechBank as insolvent (bankrupt). The State Corporation Deposit Insurance Agency was appointed as a receiver.

The Bank of Russia submitted the information on financial transactions bearing the evidence of the criminal offence conducted by the former management and owners of PJSC IntechBank to the Prosecutor General’s Office of the Russian Federation, the Ministry of Internal Affairs of the Russian Federation and the Investigative Committee of the Russian Federation for consideration and procedural decision making.

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07.08.2017 00.00.00